Govt. to look into issues plaguing realty sector

Finance Minister Eatala Rajender launching Hyderabad Property Show at Hitex in the city on Friday.

Finance Minister Eatala Rajender launching Hyderabad Property Show at Hitex in the city on Friday.  


Input tax credit will be taken into account with regard to GST: Eatala

Finance Minister Eatala Rajender said here on Friday that the government is conscious of the issues plaguing the real estate sector and would take necessary steps such as speedier processing of permits and taking a fresh look into the high power tariff and storm water drain charges being levied on the industry.

Addressing a gathering after launching the sixth Hyderabad Property Show of the Confederation of Real Estate Developers Associations of India (CREDAI) at Hitex, the Minister assured that the issues brought to his notice would be discussed and appropriate action would be taken by the government. With regard to GST too, the input tax credit would be taken into account.

He said real estate was a high growth sector, providing employment to both skilled and semi-skilled workers. He pointed out that property prices in Hyderabad were affordable when compared to other cities.

Earlier, CREDAI TS president S. Ram Reddy urged the government to have another look at the power charges.

He said for the real estate sector, a tariff of ₹13 or ₹14 per unit was levied, while for small and medium industries, it was ₹5 a unit.

He wanted the government to expedite permits for drains and standardising GST to a uniform 6% with registration.

The show, which would continue till Sunday, brought together 120 developer members, displaying up to 15,000 apartments, townships, gated communities, villas and green buildings along with financial institutions and suppliers.

Panel discussions on topics related to the real estate sector and growth of the city are also to be held. CREDAI general secretary P. Rama Krishna Rao observed the industry has adapted to reforms like demonetisation, GST and RERA towards a more transparent business environment.

He said bringing down GST would be a boost to the industry. With 110 stalls, this was the biggest show yet, said treasurer and convener K. Rajeshwar, adding that the market is witnessing a steady growth in terms of absorption and value.

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Printable version | Jan 18, 2020 9:31:13 AM |

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